After Trump-Xi meeting, US and China release lists of tariff cuts on $30 billion worth of goods

The United States and China have made public lists of goods worth about $30 billion on which tariffs will be reduced.

Based on Nepal Rastra Bank's dollar buying rate of Rs 153.01, this amount is equivalent to about Rs 4,590 billion. The lists come days after a summit meeting between US President Donald Trump and Chinese President Xi Jinping in Washington on Friday.

Following Xi Jinping's visit, the White House had announced agreement on a recommendation to grant tax relief on non-sensitive goods, and Beijing confirmed this on Saturday.

China's list includes more than 1,600 categories of goods from the United States, including agricultural produce, personal care items, timber, medical equipment and coal. The US, meanwhile, will reduce tariffs on about 77 categories of goods from China, including fireworks and kitchenware.

Details of how much tariff will be cut on which goods and when it will take effect have not yet been made public. China's Ministry of Commerce said the new arrangement will strengthen trade cooperation between the two countries.

Last year, US tariff rates on goods from China had at one point reached about 145%. As tensions have eased, the US has already reduced some tariffs on China.